Five tips for sellers in a strong market
Don’t let the seller’s market blind you. Getting a good return on your investment may be easy, but why not try for even higher profits? By taking a few extra steps, you can maximize the money in your pocket after the closing.
1. Use a local real estate agent
Each neighborhood has its own quirks. That’s why we recommend using a real estate agent who is deeply familiar with your particular area. South Boston, Jamaica Plain, and Medford may all be hot areas, but buyers in each area have different priorities. Check out the agent’s current and recent listings to see whether they show a clear local focus. If they do, they will likely have a clear understanding of local buyers and good insight into maximizing the sale.
2. Negotiate the broker’s commission – but not too much
There are more buyers than sellers, so a potential listing is gold to a real estate agent in a seller’s market. Especially if you’re selling a valuable property, you will be in a good position to negotiate a commission discount. If the broker is too eager to drop the commission, though, be careful. Even in strong markets, good agents are in demand and unlikely to work for free.
3. Don’t be greedy in the listing price
The purpose of the listing is to generate interest and get open house visitors. Resist the urge to advertise too pricey of a listing. You may scare away strong potential buyers. Moreover, an empty open house may indicate a lack of interest and drive down the price. It may be counterintuitive, but a fair list price may generate more hype and bring you a higher sales price.
4. Take professional photos
Most people shop for real estate online. That’s not particularly new. Even if you believe that you’re a great iPhone photographer, bad or DIY photos just don’t show well. Better photography leads to more online interest. More online interest leads to more showings and open house visitors. High foot traffic results in a higher sale price. Spending some money on a professional photographer is generally a no-brainer good investment.
5. Get your paperwork together
Gather all your documents in advance. That way, you can impress the buyer and relieve any concerns by quickly providing the information they need. First, compile your condo documents – budget, accounting, meeting minutes, etc. Your buyers or their lender will be requesting it. Second, get information together about your mortgage accounts, liens, and co-owners. Your real estate attorney will appreciate the head start.